Freeport-McMoRan (FCX) Shares Gap Up to $11.57

Freeport-McMoRan Inc (NYSE:FCX)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $11.29, but opened at $11.57. Freeport-McMoRan shares last traded at $11.88, with a volume of 644799 shares changing hands.

Several equities analysts have recently weighed in on the stock. Citigroup dropped their price objective on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating on the stock in a report on Wednesday, October 17th. ValuEngine lowered shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. Raymond James set a $16.00 price objective on shares of Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, October 24th. B. Riley dropped their price objective on shares of Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, October 25th. Finally, Royal Bank of Canada lowered shares of Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price objective on the stock. in a report on Tuesday, November 6th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $16.46.

The company has a current ratio of 2.84, a quick ratio of 1.78 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $17.23 billion, a price-to-earnings ratio of 10.37 and a beta of 2.26.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The company had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.50 billion. During the same quarter in the prior year, the business posted $0.34 EPS. The firm’s revenue was up 13.9% compared to the same quarter last year. On average, equities research analysts forecast that Freeport-McMoRan Inc will post 1.66 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Tuesday, January 15th will be issued a $0.05 dividend. The ex-dividend date is Monday, January 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.65%. Freeport-McMoRan’s dividend payout ratio is presently 17.09%.

In related news, Director Courtney Mather sold 75,000 shares of the company’s stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total value of $836,250.00. Following the sale, the director now owns 152,133 shares in the company, valued at approximately $1,696,282.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.05% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of FCX. Morgan Stanley raised its holdings in shares of Freeport-McMoRan by 3.5% in the 2nd quarter. Morgan Stanley now owns 4,814,376 shares of the natural resource company’s stock worth $83,097,000 after acquiring an additional 162,584 shares during the last quarter. Marshall Wace LLP purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at about $189,000. Bank of Nova Scotia increased its stake in Freeport-McMoRan by 63.0% in the 2nd quarter. Bank of Nova Scotia now owns 295,453 shares of the natural resource company’s stock valued at $5,097,000 after buying an additional 114,232 shares during the last quarter. Schroder Investment Management Group increased its stake in Freeport-McMoRan by 28.3% in the 2nd quarter. Schroder Investment Management Group now owns 209,758 shares of the natural resource company’s stock valued at $3,522,000 after buying an additional 46,265 shares during the last quarter. Finally, WINTON GROUP Ltd increased its stake in Freeport-McMoRan by 43.6% in the 2nd quarter. WINTON GROUP Ltd now owns 188,432 shares of the natural resource company’s stock valued at $3,252,000 after buying an additional 57,209 shares during the last quarter. Institutional investors own 70.35% of the company’s stock.

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About Freeport-McMoRan (NYSE:FCX)

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

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